Q. When is the transfer or assignment of a policy of life insurance considered complete and effectual according to sub-section (2) of Section 38?

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Q. What action must the insurer take for the assignment or transfer to be operative, as per sub-section (2) of Section 38?

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Q. According to sub-section (3) of Section 38, how is the priority of claims determined in the case of multiple instruments of transfer or assignment?

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Q. What action must the insurer take upon receiving the notice referred to in sub-section (2) of Section 38, according to sub-section (4)?

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Q. From when does the insurer recognize the transferee or assignee named in the notice as the only person entitled to benefit under the policy, according to sub-section (5) of Section 38?

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Q. What is the effect of earlier assignments on the rights and remedies of an assignee or transferee, according to sub-section (6) of Section 38?

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Q. What is the difference between a nominee under Section 39 and an assignee under Section 38 of the Insurance Act 1938?

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Q. Who can be an assignee under a policy of life insurance?

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Q. When does an assignment of a policy of life insurance become effective against the insurer?

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Q. Under what circumstances may an assignment without consideration be considered invalid?

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Q. What is the main difference between absolute and conditional assignments under the Act?

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Q. What is the insurer's task in settling a death claim under a life insurance policy when there is a subsisting, effective nomination or assignment?

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Q. What recommendation does the Law Commission make regarding Section 38 of the Insurance Act?

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Q. What recommendation is made regarding the terminologies "assignment" and "transfer" in Section 38?

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Q. What proposal is suggested regarding partial assignment or transfer of a policy of insurance?

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Q. How does the recommendation propose to extend the applicability of Section 38?

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Q. What safeguards are proposed to be built into Section 38 according to the recommendation?

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Q. What does Section 39 of the Insurance Act, 1938 allow the policyholder to do?

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Q. What provision is made for nominations involving minors according to Section 39?

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Q. How can a nomination be made effectual according to Section 39?

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